Exam 21: Developing and Managing Products

A product that is perceived as new by a potential adopter,whether the product is "new to the world" or simply new to the individual,is called a(n):

All of the following are categories of adopters in the diffusion process of innovations EXCEPT:

Top managers at a commercial real estate firm that specializes in site location and installation of cell phone towers considered providing the same service for windmill location and installation but decided this was not within the company's corporate mission.Which stage of the new-product development process was reached?

Which of the following is the LEAST likely source for new-product ideas?

A manufacturer of office furnishings is finding it difficult to compete with cheaper imported merchandise.Which of the following is a potential source of new-product ideas that would allow it to compete more effectively?

Normally,the longest stage of the product life cycle is the _____ stage.

After Mattel evaluated many new products to add to its Barbie product line and before any prototype was created,the toy manufacturer instructed a committee to select three of the ideas to present to a group of consumers.The consumer group was asked to evaluate the ideas in terms of their marketability.This stage of new-product development is called:

Microwave ovens,staplers,frozen yogurt,and purses are examples of:

Rapala VMC Corporation Finland-based Rapala VMC Corporation is the world's largest fishing lure manufacturer. It developed its first fishing lure--a cigar-shaped minnow--in 1962. The annual market for fishing lures in terms of retail sales is approximately $600 million. Rapala VMC garnered one-third of that amount in 2008. New lures must be introduced each year in order to stay competitive in this industry. Like other lure manufacturers, Rapala focuses on two questions in developing and making new lures: Does it work, and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides. At the annual fishing industry trade show in 2008, Rapala unveiled the "dream lure for the 21st century." -Refer to Rapala.Because buyers of fishing lures want to have the newest,most technologically improved lure,most of Rapala's customers would more than likely fall into the _____ category of adopters.

Which of the following statements about simultaneous product development is FALSE?

The same manufacturer produces Hanes,Playtex,and Bali clothing for women.This manufacturer assembled a group of nine regular customers and asked them to discuss what they like and do not like about its current product line for full-figured women and to suggest new-product ideas,such as jewelry,wide shoes,and belts.The manufacturer used a research technique called a:

Marketers consider all of the following examples of new products EXCEPT:

A team-oriented approach to new-product development is referred to as:

For a firm that adheres to the product concept,the logical place to start generating new-product ideas is with the customers of the firm.

Kathy purchased an Amazon Kindle e-book reader as soon as they came onto the market.She paid $399 for the product,which she bought the first day it was released.Kathy works in Information Technology and is always looking for new electronic products to buy.She would best be described as a(n):

After successful business analysis of a new product,the development stage begins.Describe the development process and explain the difference between laboratory testing and use testing.

In the _____ stage of new-product development,the technical feasibility of manufacturing the new product is examined as a prototype is produced.

Adaptation is the process by which the adoption of an innovation spreads.

Rapala VMC Corporation Finland-based Rapala VMC Corporation is the world's largest fishing lure manufacturer. It developed its first fishing lure--a cigar-shaped minnow--in 1962. The annual market for fishing lures in terms of retail sales is approximately $600 million. Rapala VMC garnered one-third of that amount in 2008. New lures must be introduced each year in order to stay competitive in this industry. Like other lure manufacturers, Rapala focuses on two questions in developing and making new lures: Does it work, and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides. At the annual fishing industry trade show in 2008, Rapala unveiled the "dream lure for the 21st century." -Refer to Rapala.After the trade show,the newest lure made by Rapala will enter which stage of the new-product development process?

Consumers described as laggards tend to rely on group norms when deciding to adopt an innovation.